Real Estate in Nanaimo - Should I accept the first offer that I get on my home?

 Real Estate in Nanaimo - Should I accept the first offer that I get on my home?

Should I accept the first offer that I get on my home? That is a tricky question and one that is asked all of the time.  If only we had a crystal ball!

Generally, as a Realtor in Nanaimo, I will have reviewed with my clients (both a buyer and a seller) the current statistics in the local real estate market.  We will have a look at the following before we make an offer or counter an offer:

·          How much inventory is currently on the market - This is an important consideration.  If there is allot of inventory on the market and few buyer’s the chances are that offers may be few and far between.

·         What percentage of list price homes have sold for over the past month.  Knowing this number will help you decide whether or not the offer is reasonable.

·         Time of year – Historically the market is busiest in the spring and then in the early fall.  If you are receiving an offer in January, when the market is slower, it stands to reason that there may not be many buyer’s in the marketplace.

·         Review of comparative homes and what they are selling for. 

Knowing the current Nanaimo real estate statistics is most helpful when deciding on whether or not to accept or counter an offer.

I usually recommend to my clients that if the terms of the offer don’t fit your plans consider making a counter offer.  Historically, the first offer is often the best offer.  With this in mind, though, I wouldn’t be quick to suggest discounting the home especially if it has just come onto the market.

For additional information on selling your Nanaimo home or to receive current Nanaimo real estate statistics, please give me a call.